Index trend and stocks in action August 30, 2016

After exhibiting weakness in the last couple of trading sessions, Indian markets started off the fresh week on a positive note and shifted into a sideways consolidation during the early part of the trading session. However, late buying in the index heavyweights helped market to recover and Nifty closed near the day’s high. On the daily chart Nifty has formed a potential ‘Hammer’ Candlestick pattern. This candlestick formation is viewed as a bullish reversal candlestick pattern. Now going forward the zone of 8520-8540 will act as a strong support for the bulls. However, on the upside 8645-8660 will act as an immediate resistance zone for Nifty. At present, the trend is sideways.

Coal India: State-owned Coal India said it has fixed September 9 as the record date for a buyback of its shares.

Indian Oil Corporation: Indian Oil Corporation has announced a 390% increase in net profits to Rs.8269 crore for the first quarter of this fiscal. Total income is also up by 10% at Rs.10,7200 crore for the quarter.

Wockhardt: Drug firm Wockhardt has received approval from its shareholders to raise up to Rs 1,200 crore through non-convertible debentures (NCDs).

DLF: India’s largest realty firm DLF has reported more than two-fold jump in consolidated net profit to Rs 261.42 crore for the quarter ended June 30, helped by sale of its cinema business to PVR. Its net profit stands at Rs 125.87 crore in the April-June quarter of last financial year.